Sydney, May 8
Australian Prime Minister Anthony Albanese said on Wednesday that the federal government would deliver an investment of 566.1 million Australian dollars (about $372 million) to fully map the country's resources.
"Next week's Budget will invest in a new era of mineral exploration," Albanese added while delivering a speech in Perth.
"We will fund the first comprehensive map of what's under Australia's soil and our seabed, meaning we can pinpoint the new deposits of critical minerals and strategic materials we need for clean energy and its technology, as well as traditional minerals like iron ore and gold and potential storage sites for hydrogen," the Prime Minister said as quoted by Xinhua news agency report.
As part of a big focus on resources in next week's federal budget, the funding package will be provided over the 10-year medium term from 2024-25 to deliver data, maps, and other tools for use by the resources industry.
Led by Geoscience Australia, the long-term investment stressed the federal government's plan to put the resources industry at the heart of its "Future Made in Australia" policy.
Through this investment, the Resourcing Australia's Prosperity (RAP) programme will be fully funded for 35 years, setting Australia's resources industry up for decades of exploration and future economy-making discoveries.
RAP will also map offshore areas of Australia for the first time, pointing the way for sites for carbon capture and storage, as well as possible sites for clean hydrogen projects. It will provide a deeper understanding of the resource potential by mapping out all of Australia's groundwater systems.
"So companies know where to drill, dig, and explore to find the mineral resources that will power our future growth and prosperity. This is a map to greater community certainty as well. Because it will assist with infrastructure planning, environmental assessments supporting the agriculture sector, and help create a sustainable pipeline of projects on an orderly timeline," he added.